The Central Bank of Nigeria (CBN) has announced a revision of Automated Teller Machine (ATM) transaction fees, with the new charges set to take effect from March 1, 2025. The move aims to address rising operational costs and improve the efficiency of ATM services across the banking industry.

In a circular signed by John Onojah, acting director of the Financial Policy and Regulation Department, the CBN outlined the revised fee structure:

– On-Us Transactions: Customers withdrawing from their bank’s ATMs will continue to enjoy free withdrawals.

– On-Site ATMs: A fee of N100 per N20,000 withdrawal will apply at ATMs located within bank branches.

– Not-On-Us Transactions: For withdrawals at other banks’ ATMs, a N100 fee plus a surcharge of up to N450 per N20,000 withdrawal will be charged at off-site locations. The surcharge, which goes to the ATM deployer, must be disclosed to customers at the point of withdrawal.

– International Withdrawals: Banks can now apply a cost-recovery charge equivalent to the exact amount charged by international acquirers for withdrawals using debit or credit cards abroad.

The CBN also announced the discontinuation of the three free monthly withdrawals previously allowed for Remote-On-Us transactions, where customers withdraw from other banks’ ATMs.

The CBN explained that the revision aligns with Section 10.7 of the CBN Guide to Charges by Banks, Other Financial and Non-Bank Financial Institutions (2020). The last review of ATM fees was in 2019, when withdrawal charges were reduced from N65 to N35.

“This review is expected to accelerate the deployment of ATMs and ensure that appropriate charges are applied by financial institutions to consumers of the service,” the CBN stated.

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